Sign to accept your salary in bitcoin?

[adaseb]

Receiving salary in bitcoin is not a big deal because you can always sell it as soon as you are paid.

You also pay no capital gains if you sell as soon as you receive it because there are no gains. I think that entire event was just for publicity.

Many online stores accept Bitcoin and they convert to fiat as soon as the transaction takes place. Not everyone will HODL all their bitcoin if they desperately need the funds right away.

[goldkingcoiner]

NFL star Odell Beckham Jr. may be having the last laugh against critics of his decision to take his salary in Bitcoin.

When Beckham opted to convert his 2021 base salary of $750,000 from the Los Angeles Rams to Bitcoin as part of an endorsement deal with the Block-owned (NYSE:XYZ) Cash App, critics were quick to argue that he was making a mistake. These critics only grew louder as a market crash ensued the following year, which saw Bitcoin lose nearly 80% of its value.

“Sooooo Bitcoin is at an ALL TIME high today...safe to say we still happy with our decision,” he said on X on July 14 as the asset surged to record highs above $120,000.

Even if you are not earning $750,000 and you are not rich enough to put all your salary into investment yet, accepting bitcoin for your salary sounds a good deal. Some people are worried about the fluctuations in the market but as long as the employer gives you the equivalent amount of btc in usd, I think there should be no problems, am I not right? The good thing is if you are planning to put your salary in bitcoin to invest, you do not need to convert it into bitcoin since it was given to you in bitcoin already.

I see no disadvantage to receiving your salary in Bitcoin. If the price is falling and it seems like it will fall more, just cash out, unless you do not need to. And if it is rising then you will have more money once you cash out. The price fluctuations are not so volatile as they used to be in the past, even 5 years ago. So why worry about a percent less or a percent more? And if you think about it, it is basically a form of DCA for each time you receive your salary. So the unrealized profits and losses will even out over time. In the long term, Bitcoin has been going up and up.

[passwordnow]

Some people are worried about the fluctuations in the market but as long as the employer gives you the equivalent amount of btc in usd, I think there should be no problems, am I not right?

That's actually the worry of many why they wouldn't accept BTC as salary. Because not just with the volatility but as well as the change in fees, for that reason they can't just do it even with a few bucks of increase on it, that's already gonna make an impact to their living. But to us, we've been used to volatility and these things won't be a problem and these issues will be a problem to a newbie that's not yet around and probably too worried with everything as they want to assure that they'd receive as exact as paid. They've worked hard on it and even a few sats of fees as equivalent to a few pennies can make a difference to them.

[fikrett]

Receiving salary in bitcoin is not a big deal because you can always sell it as soon as you are paid.

You also pay no capital gains if you sell as soon as you receive it because there are no gains. I think that entire event was just for publicity.

Many online stores accept Bitcoin and they convert to fiat as soon as the transaction takes place. Not everyone will HODL all their bitcoin if they desperately need the funds right away.

Yep. Better to keep it more convenient, imo, and do it partially, that would be more beneficial and steady than going full-on BTC.

[abaeze]

You would still need to turn said BTC in fiat partially when the time comes, to get a part of your salary in BTC sounds good, but on paper, mostly.

This will increase the adoption of Bitcoin among the common people. This is certainly good and happy news for those who really want to invest in Bitcoin, but not for those who do not know anything about it or are not aware of it, but the option of paying salaries should be kept in both types of systems, Fiat and Bitcoin.

[salad daging]

I also prefer a job that can pay in bitcoin lr fiat. It ease the stress of you planning to buy bitcoin because your pay is already in bitcoin. It saves your salary from being taxed. I will say that those who are against receiving salary in bitcoin are newbies in crypto and they're scared of the volatile nature of bitcoin because they lack the knowledge.

This is difficult in some companies that offer salaries in bitcoin, unless you work in the crypto field, in which case you can receive the salary you want.

Indeed, receiving a salary in fiat currency is subject to taxes, which many people find more burdensome than they anticipated, while receiving a bitcoin salary does not incur any taxes, allowing people to do as they please.

Unfortunately, some countries have not yet fully adopted bitcoin, so most people are still paid in fiat currency.

[Agbamoni]

There may be a million reasons and importance of accepting payment in Bitcoin as a worker but it will never change the fact that if your salary is not huge that you can cover transaction fees at any point in time without a feeling of loss then you dont have to buy the idea. And again, if you rely on your salary for running expenses on a monthly basis, receiving in Bitcoin is totally a bad idea. Take your money in fiat if you want to convert your salary to fiat, there is no essence of receiving in Bitcoin when the value can depreciate at any time.

[Cryptoprincess101]

Receiving a salary in Bitcoin can free you from many bureaucratic procedures that complicate life. I would say this applies to all cryptocurrencies, not just Bitcoin. For example, in many countries, you can still avoid paying taxes on cryptocurrency fiat exchanges, whereas with an official salary, you are forced to do so. Secondly, the bank definitely won't block your payments or use your accounts as leverage against you. A salary in cryptocurrency frees you from all these inconveniences.

Receiving salaries in bitcoin is good but it will make no sense to receive bitcoins and end up converting it to Fiat so the only time it will make more sense will be in a country where bitcoin has become a legal tender. But can we really escape from paying taxes? this is where the problem is because if we stop paying taxes how will the government generate revenues to provide social amenities to the people. Taxes is a basic necessity that have helped many countries to develop so if we stop paying taxes it will really become a big problem and i don't even think that any government can function properly when taxes are not paid.

[Stalker22]

Receiving salaries in bitcoin is good but it will make no sense to receive bitcoins and end up converting it to Fiat so the only time it will make more sense will be in a country where bitcoin has become a legal tender. But can we really escape from paying taxes? this is where the problem is because if we stop paying taxes how will the government generate revenues to provide social amenities to the people. Taxes is a basic necessity that have helped many countries to develop so if we stop paying taxes it will really become a big problem and i don't even think that any government can function properly when taxes are not paid.

Well... Some countries basically give the middle finger to income and corporate taxes. Barely any, sometimes literally zero. And yet, they manage to function and even thrive. Take the UAE, for example. No personal income tax, no capital gains tax, nada on inheritance. People there arent exactly living in chaos. So, do taxes really have to be the governments cash cow? Or is that just the story weve been sold? If a governments actually clever (or, I dunno, just not stuck in the past), shouldnt it be able to cook up other ways to fill its coffers and keep the lights on? Maybe even do it better than the old tax-and-spend routine? Makes you wonder, doesnt it?

[terrific]

You would still need to turn said BTC in fiat partially when the time comes, to get a part of your salary in BTC sounds good, but on paper, mostly.

This is good, you'll have the portion of your salary paid in Bitcoin considered as your holdings. Not going to do anything anymore but just budget your expenses through the other half of it that's paid in fiat.
Now, the governments will see that this trend is becoming a norm to corporations and their employees and this will open up the idea of them that even salaries paid in Bitcoin should be part of the income tax.
And aside from that, the holdings in Bitcoin when sold and made a profit, it will be subjected to capital gains tax or still another part of an income tax.
But let's all look at the positive of these individuals accepting their huge contracts and salaries that shall get them paid in Bitcoin. It's a win for them.

[Z-tight]

Not everyone has the luxury to do this, so many people live off what they earn at the end of the month, for such people receiving their salaries in BTC would be useless, because they need fiat far more than they need BTC.

Receiving salary payment in BTC is easier if you have another stream of income, that way your BTC salary would be your regular dca investment, while your other earning would be for expenses. However, if you have only one source, you can consider receiving ~ 30% in BTC, rather than 100%.

[Onyeeze]

You should not ask if getting a salary in bitcoin is or isn't a good idea. Indeed, ask how bad is it to continue getting a salary, and what could you do instead to get bitcoin P2P?

This question is not relevant related to the op question, in normal sense p2p is a means of selling your bitcoin in order to get a Fiat currency, if exchange cannot do without p2p transaction that means theirs no alternative to trade bitcoin without p2p, secondly, for the aspects of receiving salaries with bitcoin, it's a personal choice to anyone who wants to receive payments with a bitcoin, and it depends on the firms you are dealing with, because bitcoin salary payments will be easier if your partner in business is willing to pay you with bitcoin

[Smartvirus]

For someone who relys solely on his salary to pay his bills  and all those stuffs and who cannot freely make payments with bitcoin in his home country, he might not truly enjoy the benefits of receiving his salary in bitcoin. From my imaginations, I can truly see the panic they would get when the price of bitcoin fluctuates. What purpose does it serve if they are still going to convert their bitcoins to fiat for use immediately?

Not having to spend Bitcoin directly in a way slows down this process but, it’s for the better even for the multitude that are able to see reasons why they should hold.
Having to receive your payments in Bitcoin doesn’t always translate to you having to sell them off at the rate they are received. Some might want to hodl for a couple of days or months pending what needs their might be and the market condition.

The good these would do is that, it could even turn non hodlers in to hodlers and build their trust in Bitcoin and Bitcoin network which would in turn, increase adoption.
Take the many on this forum that are attached to a project and getting paid in Bitcoin, a good number of these users are hodlers. Same would apply outside this forum.

[EL MOHA]

You would still need to turn said BTC in fiat partially when the time comes, to get a part of your salary in BTC sounds good, but on paper, mostly.

I don’t think there is even any difference aside the fact that you will be promoting bitcoin it is easily the same to me, you can simply receive the salary in one currency and simply just convert to the other currency. I see most of the complain here is how the bitcoin is very volatile compared to fiat, but I don’t think anyone not saving or holding their coins will have problem with this, the simplest thing to do is to just convert the bitcoin to the dollar equivalent you need, it is similar to the signature campaign payments we receive in the this forum. No matter how volatile market is except for something it cannot cause any significant drop in price in a short period time.

For me I think it should be optional, employees can actually make their own decision of either receiving their salary in bitcoin or fiat, this option can be thrown to each worker either each month or even yearly to avoid preparing voucher every month

[TravelMug]

You would still need to turn said BTC in fiat partially when the time comes, to get a part of your salary in BTC sounds good, but on paper, mostly.

But what if that time, your salary in BTC has appreciated and then you take profits? or what if it depreciated, so that is the dilemma here. But if you are really that smart then maybe you will know when to take profits from time to time for expenses and everything. I remember one member here who says that he put 100% in Bitcoin and so he will just withdraw if he needed fiat to pay his bills and go grocery. So I think it's doable though, and if I'm not mistaken, there are a lot of sports personalities way before that accepts BTC as their salary.

Even a mayor in NYC is more willing, https://www.nyc.gov/office-of-the-mayor/news/041-22/mayor-adams-receive-first-paycheck-cryptocurrency

[Marvell1]

The good thing is if you are planning to put your salary in bitcoin to invest, you do not need to convert it into bitcoin since it was given to you in bitcoin already.

But you will need to convert bitcoin to fiat because bills or daily living expenses do not accept bitcoin, fiat is still the main payment method. Therefore, it will be even more troublesome and inconvenient because the price of bitcoin may drop after we receive our salary.

Not to mention, getting paid in fiat gives me more flexibility when investing in bitcoin, as I'll have more opportunities to buy at a better discount whenever the market corrects. This is something you would never be able to take advantage of if you were only paid in bitcoin.

Honestly, I think we would face more disadvantages than advantages if we were paid in a volatile asset like bitcoin for our main job. 

[X-ray]

It took bravery and he won.

On the other hand, critics were always like that because critics usually have no idea that some people can have big conviction and usually only people with have big conviction wins at the end.

But you will need to convert bitcoin to fiat because bills or daily living expenses do not accept bitcoin, fiat is still the main payment method. Therefore, it will be even more troublesome and inconvenient because the price of bitcoin may drop after we receive our salary.

Not to mention, getting paid in fiat gives me more flexibility when investing in bitcoin, as I'll have more opportunities to buy at a better discount whenever the market corrects. This is something you would never be able to take advantage of if you were only paid in bitcoin.

Honestly, I think we would face more disadvantages than advantages if we were paid in a volatile asset like bitcoin for our main job. 

Solution for that is easy just use bitcoin debit card, let the debit card issuer handle the fiat conversion but at the end of the day your BTC is still there unless it was spent.

With his salary, I bet he don't even think about all those things like paying the bill, etc. He must have money stashed for that already and it also prove that with bitcoin even if you don't buy the dips or something like that you still can profit massively.

[Wind_FURY]

You would still need to turn said BTC in fiat partially when the time comes, to get a part of your salary in BTC sounds good, but on paper, mostly.

Or you could also just HODL. Because why sell it for fiat if you actually don't need to, and if you have a salary coming every month?

If you sell it because you want your "paper profit" to be "real profit", then the value of your "profit" would go down if you keep holding it in fiat because of inflation. It would be better held in Bitcoin.

That's why I would agree to get my salary partially in BTC.

These BTCs wouldn't be touched, that's for sure

I would suggest that if you already have at least three to six months worth of fiat that could cover all of your expenses for those months, then start accepting ALL of your salary in Bitcoin until you need to slowly "refill" your bank account with fiat for expenses again.

It will,

 - Hedge your savings against inflation
 - Actually have long term growth for your savings

 

[retreat]

Not everyone can receive their salary in Bitcoin, because not all companies have a payroll system that allows their employees to receive their salaries in Bitcoin. For example, in my country, each employee is given a bank account when they are first hired, and the company then pays their salaries through that bank account. This way, employees cannot avoid paying taxes on their salaries.

Furthermore, for those whose salaries barely cover their monthly expenses, receiving their salary in Bitcoin seems pointless, as they need to convert their salary again to meet their needs.

So, I feel that not everyone is suited to receiving their salary in Bitcoin. But for those with one or two sources of income, or a surplus of income each month, coupled with a job that allows them to be paid in Bitcoin, perhaps this is an option they might consider.

[Iranus]

Receiving your salary in bitcoin has some benefits when you look at it from an investor perspective but if you look at it from a consumer perspective. You will find that it is not as beneficial as you think and we are consumers too, not just investors. Then you will face many problems like price fluctuations that can reduce the value of your salary, or you cannot use it directly and need to convert some of it into fiat because bitcoin is not a currency. Or you will have to pay extra fees for each transaction, while you almost never have those troubles when using fiat.